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COMPETITIOR ANALYSIS: HOW TO EXPLORE AND BEAT THE COMPETITION

Ask the business owner if it is in a competitive market and prepare to get a group of “yes” answers. A digital analysis of the competition can be one of the most important aspects of the operation of a company. Some of the variables to consider are a constantly changing market and a competitive landscape, industry personnel, buying people and more. With all that in mind, developing a solid strategy to help you stand out is crucial, and knowing how your efforts compare with those of your competitors is the vital part of developing that strategy.

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What Is A Analysis Of Competition And What Data Matters?

A digital analysis of competition is an in-depth review and interpretation of web data and digital marketing strategies and tactics of your online competition. The analysis gives your organization an idea of   the strengths and weaknesses of the competition and how you can improve your company’s efforts. Google considers about 200 factors when determining the ranking of a page. The fields that your analysis should consider are:

  • Website (domain age, web presence, quality and depth of content)
  • Organic search (SEO principles, short and long phrases, backlink quality)
  • Paid search (PPC campaigns, remarketing, search volume)
  • Social networks (social presence, user participation, content sharing capabilities)

Knowing what data is important will help eliminate guesswork and, as a result, save time and resources. Collecting and evaluating data is important, and making sure the data is meaningful is even more important.

Competitive Benchmarking

Benchmarking is a continuous process of comparing your digital performance with that of your main online competition. Benchmarking helps you create a comparison of “apples with apples” by defining metrics that are measurable and useful. This process will also help you identify gaps between your various competitors and help you form an appropriate strategy.

Competitive benchmarking is continuous monitoring, which constantly analyzes your competition to see any changes in websites, content, social media pages, etc. The quarterly analysis is a good starting point for a reliable and consistent benchmarking. During the benchmarking, you should also focus on the metrics and the most relevant factors for your industry and geographic location.

Some general types of benchmarking are the following:

  1. Website
  2. Content and content discovery capability
  3. Paid advertising
  4. Social presence and activity
  5. Backlinks

All these focus on different areas of marketing and will help you get a complete picture of how it compares to the competition. Some tools such as SEMRush and Google Alerts will make your benchmarking easier to analyze and monitor any changes your competition makes. Business landscapes are constantly changing and being able to see these changes early will help you form a plan to give the best response.

Conclusion:

The value of a analysis of competition should be evident: You see strengths and weaknesses, learn what tactics work or fall short, and see how your competitors adapt and respond to changes. But in the end, your actions are what really makes the analysis worth doing. Taking concrete and effective actions from what you learn in your analysis is as important as the analysis itself.

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